October 2, 6:23 pm
The pandemic and consequential quarantines created the conditions for a tech boom in 2019-21. However, due to macroeconomic challenges, big tech companies are now gearing to hunker down as they face the tough decision of scaling down. These companies include Meta, Microsoft, Amazon, Apple, and Alphabet.
For years, Dillibits have gathered hiring data for these big tech companies from popular job forums such as Indeed, LinkedIn, and Glassdoor. The cumulative job postings of these five big tech companies have slumped significantly since the beginning of June, with a total dropdown from 143,800 on June 1st to 58,580 job posts on September 30th, a drop by 59% over the 4-month period.
Of these five big tech companies, Amazon appears to be the one to experience the most substantial slowdown in hiring, with a 64% decline in job postings. That means that the e-commerce giants Amazon have a negative net cut down of more than 64,000 job postings.
Meta, Apple, and Alphabet are not that far behind as they all have reduced hirings by more than 50% within this period. Meanwhile, Microsoft exhibits somewhat reasonable stability with a 28% decline in hiring.
Undoubtedly, the dominant influence of big tech over the market and their diversity are an overwhelming asset. Big tech, with a lot of cash on their hand, is better equipped than smaller tech companies to sustain through tough economic conditions. However, if anything, our hiring figures across big tech prove that they are not immune to the effects of the market either and a majority of the companies have announced hiring freezes and layoffs.
But this could be the signal that the bottom is near. As big tech is looking to be leaner and more productive, their top line should stabilize and earning expectations should be met.
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